SPI Solar (“SPI”) a leading vertically integrated photovoltaic (“PV”) solar developer and engineering, procurement and construction (“EPC”) services provider, announced today that it has successfully completed the acquisition of the necessary contracts and permits to serve as developer of a 4.4 megawatt fixed-ground-mount solar energy facility (SEF) which will be located in Evros, a North Eastern region of Greece. SPI became the developer of record for the project by acquiring a 100% limited partnership interest in the project, which was already in early-phase planning with another entity. The SEF will be a fixed-tilt ground-mount utility-scale facility (on approximately 25 acres) selling power to the Greek Public Power Corporation (“PPC”) through a 20-year Power Purchase Agreement (PPA).
Prior to executing the agreements, SPI worked with Global Energy Services (“GES”) to identify the build-ready project, and with SDL Solar to perform on-site technical due diligence and qualify the project for development. GES will work closely with SPI to also provide project oversight during the construction of the SEF. Additionally, SPI intends to perform operations and maintenance of the completed facility over the term of the PPA. SPI’s proprietary monitoring application, Solar PowerViewTM will be used to monitor the system and ensure optimal system performance and energy production. The SEF will use LDK’s high-performance solar modules.
The SEF will be located in Evros, in Northeastern Greece, approximately 100 miles north of Alexandropoulos and just six miles from the Turkish border. Construction is scheduled to begin in November 2011. Consistent with SPI’s business plan as a SEF developer, it is the Company’s intention to sell the project during the construction phase or upon commissioning.
“This is our first project in Greece and we are excited about initiating what we believe will be the first of several projects there,” said Stephen Kircher, CEO of SPI. “The system design-build requirements for this project are a perfect match to our skill set and experience. We will also be creating jobs over the course of this project’s development which is a plus for the Greek economy,” Mr. Kircher pointed out. “We look forward to the successful execution of this project and to more projects in Greece and selectively throughout Europe,” Mr. Kircher concluded.
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